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If you make enough money you dont have to live in save mode and love with a scarcity mindset.
Do you need a cushion, an emergency fund?
YES.
Is that the first thing you should focus on?
The answer for most people is YES.
However, if you don’t focus on making more money, and then on having that money make money- you will never be free.

I save but my mind is always trying to figure out how to MAKE MORE MONEY.

Today what I have for you is a stark admission- I am not financially prepared to a level I need to be or should be given the amount of financial intelligence I possess.

I know how to make money. I know how to save money. I know how to be resourceful. The problem is I haven’t put all these skills together. Now as my own lawyer I will say I left my home state and job career excetera to relocate with my family when it was only three people deep and now there’s four people deep cuz my next son is coming in 2 months. Now I can say that that was the reason I could not get ahead. But I’ll be honest and say that the impetus of having a family should have moved me before I had a family. I know that’s a lot to swallow it’s a simple fact and a basic truth. I did not commit when I should have. I was having making some money having some Investments and getting some stocks.

And yes I own some Tesla and some Sprint and some muscle farm and some other companies. But it is not enough. My family deserves so much more. And you know what, in all honesty my peace of mind deserves more. When we say we do it for our family or friends are Legacy excetera that’s all great oh, but you should be doing it for yourself. I should be dominating the world because I want to. And I want to. I just kind of quit when things got comfortable. The lesson tonight is simply don’t get comfortable build build build, sleep when you’re dead.

Having money in a savings account for emergencies is a good idea. It’s easy to get to, but not too easy. But if you are looking to save money or make your money work for you, an old-fashioned savings account isn’t necessarily the best way to go. First, you have to look at what you are paying out in interest rates. For example, if you have a student loan with a 5% interest rate and a savings account making 3% interest rate, your savings are costing you approximately 2%. You would be better off paying off that student loan with your savings account.

It goes the other way around too. If your debt has less of an interest rate than your savings, your money is working better in the savings. But with today’s interest rates being so low, your debt is probably higher than the amount of interest you are earning on your savings account. That means you are actually losing money.

2. Sales shopping saves money

I used to be a shopaholic, and sales were my drug of choice. Let me tell you that you aren’t always saving money. Yes, if you really needed the item, then you are saving money. But sales often lead to the purchase of items that normally wouldn’t be purchased. And you usually buy twice as much because it’s on sale. So you haven’t saved any money.

Then if you never use the item, you’ve actually wasted money. This can also apply to bargain shopping and shopping in bulk. It doesn’t matter if you bought your daughter 35 pairs of shoes at garage sales for $1 each. If she only wore two pairs of them, you just wasted $33.

3. Refinancing your home pays off

When you refinance your home, you aren’t necessarily saving that much money in the long run. Yes, your monthly payments are smaller, but you have refinanced for another 30-year term. This means that if you have already paid 10 years of mortgage, then refinance for another 30, you have basically extended your loan to a 40-year mortgage. Sit and do the math and you’ll see if you are really saving anything.
If you really want to save money, refinance for a lower rate and a shorter term. Your monthly payment may not go down, but your overall repayment may.

4. Zero percent interest saves money

When you take out a card with a zero percent repayment term, you aren’t saving money. You are just delaying paying for items. You don’t save and you don’t spend more. But if you don’t pay the money back within the zero percent period, you’ll be paying interest on those items. That costs you money.

5. Savings is dependent on income

No matter how much you make, you can save money. You simply have to spend less than you make. If you make more money and spend more money, you aren’t saving anything. In fact, you could even be spending more. Don’t wait until you have more money to start saving. You have to start now.